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Home My WebLink About0208 UNlFORM CO\'k:NAN7'S. BOf~OWC~ A(1(~ I.C(1tIQf l'OYCO:tlll :II1lI agree as loUuws: 1, Paymeat ot Prtncipal aad Iate~est. K.~rrower shall promptly pay when due the principal o( and interest un the indebtedness evidenced by the Note, prepayment and late charges a~ pravided in the Nate, and the prinripal of and interest on any Future Advances secured by this Martgage. 2. Fuads for Taxes and Insursace. Subject ta applicable ~aw or to a written waive~ by I.ender, Borrower shall pay to l.endcr on ~he day monthly installments of principal and interect are payable under the Note, u~til the Note is paid in tull, a aum (herein "Funds") equal to one-twelfth of the yearly taxes anJ assessments •which may attain priority over this Mortgage, and ground rents o~ the Property, if any, plus onc-tweltth af yearly premium installmeots for hazard insurance, plus one-twelfth of y~arly premium installmenls tor m~~rtgage insurancc, if any, all as reasonably estimated initially and from time to time by Lender on the basis of auessments and bilis and reasonable es~imatcs thereof. The Fu~ds shall t+e held in an institution the deposits or accounts ai which are insured or guaranteed by a Federal or state age~cy lincluding Lender if l.e~der is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments. insurance premiums and g~ound rents. I_ender may not charge far so holding and applying the Funds, annlyzing said account, - or verifying and compiling said assessments and bills, unless l.ender pa~s Borrower interest on the Funds and applicable law ~ permits Lender to make such a charge. Borruwer and l.ender ma~~ agn-e in writing at the time of execution ot this Mortgage that interest on the Funds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to t+e paid, Lender shall not he requircd to pa~• Borrower :~ny interest or earnings on the Funds. I_ender shall give to Borrower, w•ithout charge. an annual accounting of the,FunJs showing creJits and debits to the Funds and the purpose for which each debit to the Funds wa. made. The Funds are pledged as additional securit~• for the sums secured by this Mortgage. ~ If the amount of the Funds held by [.ender, togcther w~ith the futurc monthly ins~allments of Funds payablc prior to the due dates of taxes, assessments, insurance premiunu and ground rents, shall exceed the amount reyuired to pay said taxes, assessments, insurance premiums and gmund rents ac the~° fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrow~er or credited to Bormwer on monthly- installments of Fundc. lf the amount of ihe Funds held by Lender shall not be suflicient to pay taxes, ass~.ssments, insurance premiums anJ ground rents as they fall due, Borrower shall pay to 1_ender an~• amount necessary to make up ~he deficienc~• within 30 days from the date notice is mailed by Lender to Borrower requcsting paymcnt ~hereof. Upon payment in full of all sums secured b~• this Mortgage, Lcnder shall promptly refund to Borrower any Funds held by lxnder. If under paragraph IR hereof the Property is wld or thc Property is olherwise acquircd by l.ender, Lender shall apply, no latcr than immediately prior to thc aalc of thc Propeny or its acquisition b~• I.ender, any Funds held by Lender at the time of application as a crcdit against thc sums securcd by this Mortgage.. 3. Application of Payments. Unlecs applicable la~~~ pro~•ides otherwise, all payments rccci~~ed by l.ender under the Notc and paragraphs 1 and 2 hercof shall bc applird by I_cndcr first in pa}•ment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intcrest pa~•ablc on the Notc, thcn to the principal of the Notc, and thcn to intcrest and principa) on any Futurc Advances. - 4. Charges; Liens. Bormwer shall pay' ail t.tixe~, asu:ssments and other chargcs, fines and impositi~ns attributable to the Property which may attain a priority over this 1lfortgage, and leaschold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnich to Lender all notices of amounts due under this paragraph, and in the event Borrow•er shall make payment directl~•. Borrc~~er shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly dischargc any lien which has priarit~• over this Mortgage; provided, that Borrower shall not be required to discharge an}• such lien w long as Borrower shall agrec in Writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in goocl faith contra such lien by, or defend enforcement af such lien in, legal proceedings w•hich operate to prevent the enfurcemrnt of thc hen or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrovver shall keep the impro~~emcnts now existing or hereafter erected on the Property insured against loss hy fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and tor such periods as Lendcr may rcquire; provided, that Lender shall not require that the amount of such coverage exceed that amount of covcrage required to pa~• the sums secured b~~ this Mortgage. The insurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender; pro~ided, that such approval shall not be unreasonahly w•ithheld. All prcmiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrou~ei making payment, when due, directly to the ' insurance carrier. ' i All insurance policies and rene~~als thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall h~~•e the right to hold the policies and renewals thereof. i and Bormw~er shall prompd~• furnish to Lender all rencwal notices and all receipts of paid premiumc. In the event of loss. ~ Borrower shall give prompt notice to the insurancc carrier and Lender. Lender ma)~ make proc~f of loss if not made prompdy ~ b}~ Borrower. Unless Lendcr and Borrow•er otheru~~sc agree in w•riting. insurancc procceds shall be applied to restoration or repair of ~ the Property Jamaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not therebp impaired. If such restorat~on or repair is not c~onomicall)~ frasible or if the security of this Mottgage would ~ be impaired, the insurance proceeds ~hall be applied to the sums secured by this Mortgage. ~~ith the excess, if any, paid to Borrower. It thc Propert~~ is abandoned h~ Bormwcr, or il Bormwer fails to respond to Lender within 30 da}•s from the date notice is mailed by~ Lender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeJs at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. ~ Unless Lender and Borrov?•er otherw•ise agree in writing, am• such application of proceeds to principal shall not extend or postpone the duc date of the monthl}• instailmcnts rcferred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acyuired b}• I.ender, all right, tiQe and interest of Borrow~er ~ in and to am insurance policies and in and to the proceeds theceof resulting from damage to the Propeny prior to the sale or acyuisition shall pass to Lender to the e~tent of the sums secured by this ~lortgage immediately prior to such sale or ~ acquisition. 6. Presen~alion aod ~taintenance of Propert~•; I.easeholds; Condominiums; Planned Unit De~•elopments. Borrower shall keep thc Property in good repair and shalt not commit wastc or permit impairment or deterioration of the Property ~ vision of an lease it th~s Mort .i e is on a leasehold. If this Mort a e is on a unit in a ~ and shal! compl~ w~th thc pro s y g g 6 8 ~ condominium or a planned unit developmcnt. Borrower shall perform ap nf Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ conJominium or planned unit development, and constituent documents. If a condominium or planned unit development ' rider is executed by Borrow•er and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amcnd and supplement the covenants and agreements of this Mortgage as if the rider ' were a part hereof. ~ ~ 7. Prohction of I.ender's Security. If Borrower (ailc to,perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is rnmmenced which materially affects Lender's interest in the Property, ~ including. but not limited to. eminent domain. insolvenc~~, code enfurcemeM, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to E3orrower, ma}~ make such appearances, disburse such sums and take such actiun as is necessary to protect Lender's ~merest, including. but not limited to, disbursement of ~ ~ reasonable attomey's fees and entry upon the Propeny to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan secure:l b~• this M~rtgage. Bc.rrower shall pay the premiums required to maintain such ~ insurance in efiect until such time as the reyuirement for ~uch insurance terminates in accordance with Borrower's and ~ ~ ~ ~ . . ~QRK zs4 P~~ 2e~ . ~ , _ ~ ~ ~ c ~ ' ~ r~~~~` ~ M s~ ~ ~ -